A Third Option of the Rent or Buy Debate
The choice to rent or buy farm equipment is one that comes up every year for many farmers as they evaluate their equipment needs each spring. While many farmers still choose to buy the equipment they need, getting the credit to be able to make the purchase can be difficult.
Renting provides farmers with the flexibility to have the equipment they need when they need it, without any upfront capital or the need to carry those costs over the winter. For these reasons, renting is increasing in popularity with farmers.
The decision to rent or buy typically comes down to how much you will use the equipment and if the usage offsets the cost. DOZR has created a simple calculator that can be used during the evaluation process.
By entering some basic data into the calculator (cost of the equipment, duration of use, interest rates, etc.) users can see a direct comparison of the cost to rent vs. buy.
A third solution is now available that promises farmers the best of both worlds. Leveraging technology to bring the sharing economy to agriculture, equipment is now more affordable than it has ever been.
Farmers can offset the high cost of their equipment by renting it to other farmers and contractors when not in use (and maybe even purchase that piece you’ve been dreaming of sooner!). Renting the equipment you need from within your own community often comes with significant cost savings as well, and creates a win-win for everyone involved!
Learn more at www.DOZR.com or call 1-844-218-3697.